Walla Walla FHA Loans

WALLA WALLA, WA

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Walla Walla's 53 lenders originated 235 FHA loans during 2021. The total origination value was $58,975,000, with an average FHA loan value of $250,957.

    Walla Walla FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Walla Walla averaged 5.1% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.14% and one month ago for the week of 2022-04-08, the average rate was 4.7%.

    The average rate one year ago was 3.31%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.85%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Walla Walla FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Walla Walla level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    PREMIER MORTGAGE RESOURCES, L.L.C. 30 3.13% $8,232
    QUICKEN LOANS, LLC 11 2.61% $8,784
    AMERICAN FINANCIAL NETWORK, INC. 10 3.16% $10,181
    ACADEMY MORTGAGE CORPORATION 9 2.97% $9,221
    LAKEVIEW LOAN SERVICING, LLC 8 2.92% $4,415
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.57% $7,935
    PENNYMAC LOAN SERVICES, LLC 6 2.77% $7,648
    Carrington Mortgage Services, LLC 4 3.19% $10,163
    FREEDOM MORTGAGE CORPORATION 4 2.66% $4,953
    NEWREZ LLC 4 2.97% $8,079
    GUILD MORTGAGE COMPANY 4 2.88% $7,073
    CHURCHILL MORTGAGE CORPORATION 3 3.25% $10,040
    AmeriHome Mortgage Company, LLC 3 2.87% $4,486
    Banner Bank 3 2.42% $6,511
    CMG MORTGAGE, INC. 3 2.92% $6,822
    Mr. Cooper ( Nationstar Mortgage ) 3 3.13% $6,273
    CHERRY CREEK MORTGAGE, LLC 2 4.00% $467
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.44% $10,885
    SUMMIT FUNDING, INC. 2 3.81% $9,677
    HOME POINT FINANCIAL CORPORATION 2 2.31% $12,444
    THRIVE MORTGAGE, LLC 2 3.63% $17,750
    TruHome Solutions, LLC 2 3.13% $9,709
    CALIBER HOME LOANS, INC. 2 2.50% $7,475
    UNITED WHOLESALE MORTGAGE, LLC 2 2.75% $7,297
    OCEANSIDE MORTGAGE COMPANY 2 3.19% $3,937
    VILLAGE CAPITAL & INVESTMENT LLC 2 3.00% $4,439
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $7,342
    BAY EQUITY LLC 1 2.99% $8,044
    North American Savings Bank, F.S.B. 1 2.25% $3,749
    NUMERICA CREDIT UNION 1 3.00% $8,115
    Paramount Residential Mortgage Group, Inc. 1 3.63% $7,564
    AMERISAVE MORTGAGE CORPORATION 1 3.25% $8,266
    PLANET HOME LENDING, LLC 1 2.75% $6,864
    PREMIER LENDING, INC. 1 3.00% $10,034
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $11,061
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $8,399
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $8,600
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $13,538
    RESIDENTIAL BANCORP. 1 2.49% $10,248
    SWBC MORTGAGE CORPORATION 1 3.25% $8,398
    Umpqua Bank 1 2.63% $11,976
    U.S. Bank 1 2.75% $7,981
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 3.25% $7,863
    EVERETT FINANCIAL, INC. 1 3.63% $6,262
    FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $9,358
    ENVOY MORTGAGE, LTD 1 3.88% $8,044
    HOMESIDE FINANCIAL, LLC 1 2.88% $9,192
    JPMorgan Chase Bank 1 3.13% $5,055
    Lakeview Community Capital, LLC 1 2.25% $6,624
    LOANDEPOT.COM, LLC 1 3.50% $11,497
    Loan Simple, Inc. 1 3.00% $10,306
    MID AMERICA MORTGAGE, INC. 1 3.63% $2,038
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $15,913

    The top Walla Walla FHA lender as defined by loan originations is PREMIER MORTGAGE RESOURCES, L.L.C., with 30 FHA loans originated. Their average total fees are $8,232, which is $553 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Walla Walla FHA lenders (with over 10 loans originated) are PREMIER MORTGAGE RESOURCES, L.L.C. ($8,232), QUICKEN LOANS, LLC ($8,784), AMERICAN FINANCIAL NETWORK, INC. ($10,181), .

    The lowest rate Walla Walla FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.61%), PREMIER MORTGAGE RESOURCES, L.L.C. (3.13%), AMERICAN FINANCIAL NETWORK, INC. (3.16%), .

    Walla Walla FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WALLA WALLA, WA WALLA WALLA 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Walla Walla (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $267,500 (10.8%) $332,885 (11.0%) 0.00 165
    2018-02-01 $289,000 (24.4%) $349,929 (17.7%) 0.00 168
    2018-03-01 $304,941 (31.2%) $353,713 (15.4%) 0.00 167
    2018-04-01 $302,500 (28.8%) $370,328 (17.8%) 0.00 174
    2018-05-01 $325,000 (30.1%) $387,149 (17.2%) 0.00 162
    2018-06-01 $325,000 (30.0%) $386,137 (17.2%) 0.00 160
    2018-07-01 $324,950 (27.4%) $397,140 (19.8%) 0.00 166
    2018-08-01 $325,000 (30.0%) $392,907 (15.1%) 0.00 191
    2018-09-01 $329,000 (22.3%) $394,187 (15.8%) 0.00 198
    2018-10-01 $325,000 (20.2%) $376,465 (9.8%) 0.00 203
    2018-11-01 $325,000 (27.8%) $367,009 (9.0%) 0.00 203
    2018-12-01 $325,000 (30.5%) $371,187 (11.7%) 0.00 182
    2019-01-01 $320,000 (19.6%) $360,260 (8.2%) 0.00 182
    2019-02-01 $325,000 (12.5%) $372,490 (6.5%) 0.00 164
    2019-03-01 $329,929 (8.2%) $379,538 (7.3%) 0.00 158
    2019-04-01 $333,704 (10.3%) $382,248 (3.2%) 0.00 160
    2019-05-01 $359,825 (10.7%) $412,765 (6.6%) 0.00 181
    2019-06-01 $369,500 (13.7%) $406,839 (5.4%) 0.00 184
    2019-07-01 $379,950 (16.9%) $431,496 (8.7%) 0.00 208
    2019-08-01 $360,143 (10.8%) $414,303 (5.5%) 0.00 210
    2019-09-01 $335,000 (1.8%) $397,891 (0.9%) 0.00 207
    2019-10-01 $347,000 (6.8%) $395,335 (5.0%) 0.00 207
    2019-11-01 $359,500 (10.6%) $401,489 (9.4%) 0.00 195
    2019-12-01 $389,990 (20.0%) $427,427 (15.2%) 0.00 150
    2020-01-01 $382,475 (19.5%) $419,317 (16.4%) 0.00 128
    2020-02-01 $339,000 (4.3%) $396,745 (6.5%) 0.00 134
    2020-03-01 $382,450 (15.9%) $406,630 (7.1%) 0.00 122
    2020-04-01 $365,000 (9.4%) $394,778 (3.3%) 0.00 127
    2020-05-01 $369,000 (2.6%) $401,775 (-2.7%) 0.00 137
    2020-06-01 $384,950 (4.2%) $412,193 (1.3%) 0.00 121
    2020-07-01 $409,450 (7.8%) $475,526 (10.2%) 0.00 119
    2020-08-01 $420,000 (16.6%) $485,861 (17.3%) 0.00 114
    2020-09-01 $374,000 (11.6%) $484,716 (21.8%) 0.00 105
    2020-10-01 $359,000 (3.5%) $470,189 (18.9%) 0.00 82
    2020-11-01 $399,900 (11.2%) $580,163 (44.5%) 0.00 68
    2020-12-01 $404,950 (3.8%) $573,802 (34.3%) 0.00 61
    2021-01-01 $425,000 (11.1%) $538,878 (28.5%) 0.00 50
    2021-02-01 $449,445 (32.6%) $606,874 (53.0%) 0.00 47
    2021-03-01 $434,000 (13.5%) $586,582 (44.3%) 0.00 43
    2021-04-01 $397,450 (8.9%) $575,659 (45.8%) 0.00 52
    2021-05-01 $425,000 (15.2%) $646,100 (60.8%) 0.00 15
    2021-06-01 $499,500 (29.8%) $619,001 (50.2%) 0.00 24
    2021-07-01 $449,500 (9.8%) $614,816 (29.3%) 0.00 38
    2021-08-01 $437,000 (4.1%) $628,655 (29.4%) 0.00 41
    2021-09-01 $454,000 (21.4%) $625,318 (29.0%) 0.00 53
    2021-10-01 $450,000 (25.4%) $668,248 (42.1%) 0.00 70
    2021-11-01 $448,498 (12.2%) $699,312 (20.5%) 0.00 56
    2021-12-01 $493,750 (21.9%) $737,858 (28.6%) 0.00 50
    2022-01-01 $509,000 (19.8%) $785,760 (45.8%) 0.00 46
    2022-02-01 $476,000 (5.9%) $736,797 (21.4%) 0.00 46
    2022-03-01 $549,450 (26.6%) $753,279 (28.4%) 0.00 40
    2022-04-01 $529,000 (33.1%) $709,996 (23.3%) 0.00 50
    Walla Walla's median listing price for 2022-04-01 was $529,000, a difference of $131,550 (33.1%) versus the prior year and $-20,450 versus the prior month.

    Walla Walla's median listing price comes in at 0% of the national average.

    Walla Walla's average listing price for 2022-04-01 was $709,996, a difference of $134,337 (23.3%) versus the prior year and $-43,283 versus the prior month.

    For the 2022-04-01 period, Walla Walla had 50 MLS listings, a difference of 10 listings (25%) versus the prior month and -2 listings (-4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Walla Walla (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,023 sqft
    2018-02-01 0 days 2,038 sqft
    2018-03-01 0 days 2,092 sqft
    2018-04-01 0 days 2,142 sqft
    2018-05-01 0 days 2,205 sqft
    2018-06-01 0 days 2,136 sqft
    2018-07-01 0 days 2,136 sqft
    2018-08-01 0 days 2,153 sqft
    2018-09-01 0 days 2,161 sqft
    2018-10-01 0 days 2,112 sqft
    2018-11-01 0 days 2,116 sqft
    2018-12-01 0 days 2,185 sqft
    2019-01-01 0 days 2,124 sqft
    2019-02-01 0 days 2,185 sqft
    2019-03-01 0 days 2,264 sqft
    2019-04-01 0 days 2,331 sqft
    2019-05-01 0 days 2,368 sqft
    2019-06-01 0 days 2,368 sqft
    2019-07-01 0 days 2,457 sqft
    2019-08-01 0 days 2,409 sqft
    2019-09-01 0 days 2,326 sqft
    2019-10-01 0 days 2,252 sqft
    2019-11-01 0 days 2,340 sqft
    2019-12-01 0 days 2,355 sqft
    2020-01-01 0 days 2,348 sqft
    2020-02-01 0 days 2,320 sqft
    2020-03-01 0 days 2,340 sqft
    2020-04-01 0 days 2,260 sqft
    2020-05-01 0 days 2,242 sqft
    2020-06-01 0 days 2,258 sqft
    2020-07-01 0 days 2,387 sqft
    2020-08-01 0 days 2,320 sqft
    2020-09-01 0 days 2,320 sqft
    2020-10-01 0 days 2,081 sqft
    2020-11-01 0 days 2,145 sqft
    2020-12-01 0 days 2,178 sqft
    2021-01-01 0 days 2,240 sqft
    2021-02-01 0 days 2,443 sqft
    2021-03-01 0 days 2,417 sqft
    2021-04-01 0 days 2,356 sqft
    2021-05-01 0 days 2,520 sqft
    2021-06-01 0 days 2,501 sqft
    2021-07-01 0 days 2,263 sqft
    2021-08-01 0 days 2,122 sqft
    2021-09-01 0 days 2,172 sqft
    2021-10-01 0 days 2,184 sqft
    2021-11-01 0 days 2,268 sqft
    2021-12-01 0 days 2,327 sqft
    2022-01-01 0 days 2,268 sqft
    2022-02-01 0 days 2,277 sqft
    2022-03-01 0 days 2,311 sqft
    2022-04-01 0 days 2,200 sqft
    Walla Walla's median listing age (time on market) for 2022-04-01 was 0 days.

    Walla Walla's median square footage for active listings during the 2022-04-01 period was 2,200 sqft. One year prior, the average listing was 2,356 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).